The City of Charlottesville Business Equity Fund (BEF) is a loan program for existing City businesses that are owned by individuals who are considered socially disadvantaged (i.e, those who have been subjected to racial or ethnic prejudice or cultural bias because of their identity as members of a group).
Lower Eligibility Criteria
The BEF, administered in partnership with the Community Investment Collaborative (CIC), lowers eligibility criteria typically experienced in traditional banking scenarios and offers a subsidized interest rate that is well below the market rate (up to 3%). Interested businesses should schedule an initial meeting with the Office of Economic Development to determine need and if minimum eligibility criteria can be met. Businesses will then be referred directly to CIC to provide required documents and complete a loan application.